Should we be wary of price fluctuations based on Germany's Consumer Price Index (flash estimate)?
30.08.2022
- U.S. Consumer Confidence Index
- Germany: Consumer Price Index (Preliminary)
In the previous day's U.S. currency trading, the U.S. dollar weakened as the yield on the 10-year U.S. Treasury note fell from 3.1%. The EUR/USD pair rebounded by approximately 120 pips from 0.9913 to 1.0027, moving above the 20-period moving average (MA) on the 4-hour chart.During today’s Asian session, the pair is testing higher levels. Since it is currently at a level that coincides with the 200-day moving average (200SMA), we will be watching closely to see if it can break above the 200SMA during the European session.
European currencies saw the euro face less resistance as natural gas prices fell, with the EUR/AUD pair rising from 1.4442 to 1.4557. Since the pair has been testing the upside during today’s Asian session, we will be watching closely to see if the rally continues. Additionally, since Germany’s preliminary consumer price index is set to be released today, we should be on the lookout for price fluctuations resulting from the preliminary data.
Today’s economic indicators include the Swiss KOF Leading Index at 4:00 PM, UK mortgage approvals and UK consumer credit balances at 5:30 PM, and the German Consumer Price Index (flash estimate) and U.S. Federal Reserve Governor Barkin’s remarks at 9:00 PM:Richmond Fed President remarks, at 21:30 the Canadian Q2 Current Account, at 22:00 the US S&P/Case-Shiller Home Price Index, at 23:00 the US Consumer Confidence Index, and at 24:00 US Fed President Williams: remarks. We should be on the lookout for price fluctuations caused by the German Consumer Price Index (flash estimate).
Author: Keisuke Sakurai
